Hunter Harrison, the veteran chief executive of Canadian Pacific Railway Ltd., made $19.9 million in 2015 — a six per cent increase even as the company’s stock price fell 22 per cent.

CP said the increase in Harrison’s total compensation was due to the fact that he’s paid in U.S. dollars. If the exchange rate had held steady from 2014, his compensation would have fallen eight per cent, according to the company’s proxy statement.

Harrison’s base salary was steady at US$2.2 million, which translated to $2.8 million in Canadian dollars compared to $2.4 million in 2014. He also received $4.7 million in stock awards, $5.2 million in options awards, $6 million in non-equity incentive plan compensation and $1.2 million in other compensation, including the use of the company’s private jet for business and personal trips.

However, CP also pointed out that Harrison’s total compensation between June 2012, when he took the job, and December 2015 is only 0.67 per cent of the total additional value created for shareholders over the same period.